Global Industrial Refrigeration Systems Market Insights Forecasts to 2032

• The Industrial Refrigeration Systems Market was valued at USD 20.17 Billion in 2022.
• The market is growing at a CAGR of 4.6% from 2022 to 2032
• The Global Industrial Refrigeration Systems market is expected to reach USD 31.62 Billion by 2032
• Asia-Pacific is expected to Grow the fastest during the forecast period

The Global Industrial Refrigeration Systems Market is expected to reach USD 31.62 Billion by 2032, at a CAGR of 4.6% during the forecast period 2022 to 2032.

Market Overview

Industrial refrigeration systems are used in various industries to cool, freeze or store products and materials at specific temperatures. These systems use a variety of refrigerants, compressors, heat exchangers, and control systems to provide cooling and maintain temperature levels. Industrial refrigeration systems are commonly used in food processing, pharmaceuticals, chemical manufacturing, and other industries where temperature control is crucial to maintaining product quality, safety, and efficacy. These systems are designed and installed to meet specific requirements and can range from small, stand-alone systems to large, complex installations. Regular maintenance and monitoring are essential to ensure efficient operation and minimize downtime and energy consumption.

Report Coverage

This research report categorizes the market for industrial refrigeration systems market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the industrial refrigeration systems market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the industrial refrigeration systems market.

Driving Factors

The drivers of the industrial refrigeration systems market include the growth of the food and beverage industry, which requires refrigeration systems for the storage and transport of perishable goods. The increasing demand for frozen and processed food products, pharmaceuticals, and chemicals also drives the market. The need for energy-efficient and eco-friendly refrigeration systems due to regulations and environmental concerns is another significant driver. Additionally, the expansion of cold chain logistics and the increasing adoption of automation and IoT in industrial processes are contributing to the growth of the market. Lastly, the emergence of new technologies such as magnetic refrigeration, and the increasing demand for natural refrigerants are also driving the growth of the industrial refrigeration systems market.

Restraining Factors

The restraints of the industrial refrigeration systems market include high initial investment and maintenance costs, which can be a significant barrier for small and medium-sized enterprises. The shortage of skilled professionals and the lack of awareness about the benefits of industrial refrigeration systems also limit market growth. The high energy consumption of refrigeration systems and the harmful impact of refrigerants on the environment pose environmental concerns and regulatory challenges.

Market Segmentation

• In 2022, the compressor segment accounted for around 42.3% market share

On the basis of components, the global industrial refrigeration systems market is segmented into compressors, condensers, evaporators, control, and others. The compressor segment is dominating with the largest market share in 2022, due to the crucial role compressors play in the refrigeration cycle. Compressors are used to compress the refrigerant gas, which raises its temperature and pressure, allowing it to release heat outside the refrigerated area. Compressor technology has evolved over the years, with advanced technologies such as screws, centrifugal, and reciprocating compressors, which offer higher efficiency and improved performance. Moreover, the increasing demand for energy-efficient and eco-friendly refrigeration systems is driving the adoption of advanced compressor technologies that use natural refrigerants and have lower carbon emissions. The compressor segment is expected to continue dominating the market during the forecast period due to the high demand for refrigeration systems in various industries.

• In 2022, the HFC (hydrofluorocarbon) segment held a significant revenue share in the market

Based on refrigerant type, the global industrial refrigeration systems market is segmented into ammonia, CO2, and others (HFC, HCFC, HFO, HC). Out of this, the HFC (hydrofluorocarbon) accounted for a significant revenue share in 2022, due to their widespread use in commercial and industrial refrigeration systems. HFCs are used as a replacement for CFC (chlorofluorocarbon) and HCFC (hydrochlorofluorocarbon) refrigerants, which were phased out due to their ozone-depleting properties. HFCs are preferred due to their high energy efficiency and low environmental impact compared to their predecessors. However, due to their high global warming potential, regulations such as the Montreal Protocol are phasing out the use of HFCs, and alternative refrigerants such as natural refrigerants and HFOs (hydrofluoroolefins) are gaining popularity in the market.

Regional Segment Analysis of the Industrial Refrigeration Systems Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America dominated the market with more than 35.2% revenue share in 2022.

Based on region, North America dominates the industrial refrigeration systems market due to the high demand for refrigeration systems in the food and beverage industry, which is the largest end-user of industrial refrigeration systems. The region also has a well-established cold chain logistics network, which further fuels the demand for refrigeration systems. The presence of key players such as Johnson Controls, Emerson Electric Co., and Ingersoll Rand Inc. also contributes to the dominance of North America in the market. Moreover, the increasing focus on energy efficiency and environmental sustainability in the region is driving the adoption of advanced refrigeration technologies and natural refrigerants, further propelling the market growth.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global industrial refrigeration systems market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Companies:

• Johnson Controls
• Emerson Electric Co.
• GEA Group AG
• Danfoss A/S
• Bitzer SE
• Mayekawa Mfg. Co. Ltd.
• Lennox International Inc.
• Ingersoll Rand Inc.
• Baltimore Aircoil Company Inc.
• Carrier Global Corporation
• Daikin Industries Ltd.
• Mitsubishi Electric Corporation
• LU-VE Group
• Frick India Limited
• Dover Corporation

Key Target Audience

• Market Players
• Investors
• End-Users
• Government Authorities 
• Consulting and Research Firm
• Venture Capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In January 2023, Johnson Controls, a prominent company in creating intelligent, healthy, and eco-friendly buildings, acquired Hybrid Energy AS, a developing supplier of high-temperature energy management solutions. Their focus is primarily on heat pumps for industrial processes and district heating. The cutting-edge technology offered by Hybrid Energy will enable customers to adopt cost-effective solutions that support decarbonization and sustainability initiatives in Europe and other regions.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global industrial refrigeration systems market based on the below-mentioned segments:

Industrial Refrigeration Systems Market, By Component

• Compressor
• Condenser
• Evaporator
• Control
• Others

Industrial Refrigeration Systems Market, By Refrigerant Type

• Ammonia
• CO2
• Others (HFC, HCFC, HFO, HC)

Industrial Refrigeration Systems Market, By Application

• Refrigerated Warehouses
• Fruit & Vegetable Processing
• Beverage Processing
• Chemical Petrochemical & Pharmaceutical
• Refrigerated Transportation

Industrial Refrigeration Systems Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa